Electric Industries to sell 30 percent of the company in an IPO from Nov 11 to Nov 17

Electric Industries Co, a provider of diversified electrical products and services in Saudi Arabia and the Middle East, will sell 30 percent stake, or 13.5 million shares, in an initial public offerings from Nov 11 to Nov 17, 2014, the company said.

Up to 100 percent of the shares will be offered to institutional  investors and investment funds but the IPO manager can choose to decrease such percentage after getting approval from the Capital Market Authority.

Retail Saudi investors will be allocated 50 percent of the shares, the company added in a statement on its IPO.

The company’s first quarter profit was SAR 55.5 million, or SAR 1.23 a share, compared with SAR 50.4 million in the same period last year.

EIC is the owner company of “The Saudi Transformers Co” or  STC and “Wahah Electric Supply Company of Saudi Arabia” or WESCOSA.